Now that we are settling into a more "normal" rhythm of work and home life blended, we can look back over the last few weeks and see what the true impact has been to property management in San Antonio and across the country. We are participating in many national conference calls through the National Association of Residential Property Managers and we are seeing a trend.
In most cases 88-92% of tenants of residential rental property tenants were able to pay their rent on time. The remaining either paid their rent within a few days or were able to make partial payments. As of the date of this blog, most management companies are off by about 5% from total collection of rents. Those outstanding rents are most likely going to be paid this month according to most survey respondents.
The true test will be what May looks like for renters. With stimulus checks arriving now and some people starting to receive unemployment benefits, it looks like there is some stabilization in the economy for now. Hardest hit were those residing in apartments. The National Apartment Association is reporting that only 70% of tenants were able to pay on time.
As for housing values, those are expected to remain strong. We were already in a housing shortage and interest rates remain low. Even for those forecasting increased foreclosure rates in 6 months, that is not be accompanied with a forecast for a dip in housing values.
For now, stay safe and we will update everyone as we learn more.